BITFINEX:BCHUSD We have got at least two reasons for the correction to continue. 1. Double top which can bring the price to 0.786 fib 2. All Ichimoku indicators are in the cloud which means consolidation and also some bearish signs => price slowly going down.
We have two pivots(support) you can see on the left hand side of the chart with a green arrow pointing towards them, the correction can stop at any of them so could be 0.618 fib or 0.786 fib. If it bounce back up and the chart looks promising I will post the targets and will go from there. Keep watching...
Trade active
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Update with targets
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Forgot the Stop loss: $1410.
Trade closed: stop reached
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Stop reached last night. I'm out for now. I think this coin is better for shorts then longs. I will leave this coin alone for a while.
But I went just with a gut feeling which is never good. May I ask how you came to target 3? I can see target 1 and 2 easily but 3 I don't understand to be honest
pgarret
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@Kandor1978, Institutions :) is a fib value as well.
But I went just with a gut feeling which is never good. May I ask how you came to target 3? I can see target 1 and 2 easily but 3 I don't understand to be honest